Tags: electric | cars | obama | loans | finland

Car Company Gets Obama Loan, Builds Cars in Finland

Thursday, 20 Oct 2011 11:29 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
With the blessing of the Obama administration, an electric car company is using its $529 million federal government loan guarantee to build cars in Finland – because it supposedly can’t find a factory good enough to do the work in the United States.

But two years after the loan was announced by Vice President Joe Biden as a way to create new American jobs, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland, according to an investigation by ABC News.

It gets better: Fisker Automotive is backed by a powerhouse venture capital firm whose partners include former Vice President Al Gore.

"There was no contract manufacturer in the U.S. that could actually produce our vehicle," the car company's founder and namesake told ABC News. "They don't exist here."

Henrik Fisker said the U.S. money so far has been spent on engineering and design work that stayed in the U.S., not on the 500 manufacturing jobs that went to a rural Finnish firm, Valmet Automotive.

"We're not in the business of failing; we're in the business of winning. So we make the right decision for the business," Fisker said. "That's why we went to Finland."

The loan to Fisker is part of a $1 billion bet the Energy Department has made in two politically connected California-based electric carmakers producing sporty -- and pricey -- cutting-edge autos.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Former Obama Official: Climate Change Not 'Settled' Science

Sunday, 21 Sep 2014 18:11 PM

A former high-ranking Obama administration official says climate science and the implications of global warming are not  . . .

Jindal: Obama Administration 'Science Deniers'

Sunday, 21 Sep 2014 17:43 PM

The White House is full of science deniers who are keeping the United States from becoming energy independent, says Lo . . .

Big Romney Backer Predicts He'll Run Again in '16

Sunday, 21 Sep 2014 16:41 PM

One of Mitt Romney's biggest backers on Wall Street during the 2012 presidential race says the former Massachusetts gove . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved